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UNITED STATES

SECURITY AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________

FORM 10-K

_______________

(MARK ONE)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended September 30, 2023

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File Number: 333-170315

GlobeStar Therapeutics Corporation

(Exact name of registrant as specified in its charter)


Wyoming		27-3480481
(State or other jurisdiction of Incorporation or organization)		(I.R.S. Employer Identification Number)

719 Jadwin Avenue, Richland, WA		99352
(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code: 206-451-1970

Securities registered pursuant to Section 12(g) of the Act:


Title of Each Class		Name of Each Exchange on which Registered
Common stock, $0.001 par value		OTC Markets

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark if disclosures of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
(Do not check is smaller reporting company)		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The Aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter, March 31, 2023 was $4,851,851.

There were 1,026,417,320 shares of the Registrant’s common stock outstanding as of January 16, 2024.

- 2 -

GLOBESTAR THERAPEUTICS CORPORATION.

TABLE OF CONTENTS

Part I	5
Item 1. Business	5
Item 1A. Risk Factors	6
Item 1B. Unresolved Staff Comments	12
Item 2. Properties	12
Item 3. Legal Proceedings	12
Item 4. Mine Safety Disclosures	12

Part II	12
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	12
Item 6. Selected Financial Data	15
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of operations	16
Item 7A. Quantitative and Qualitative Disclosures About Market Risk	19
Item 8. Financial Statements and Supplementary Data	19
Report of Independent Registered Public Accounting Firm	20
Consolidated Balance Sheets	23
Consolidated Statements of Operations	24
Consolidated Statements of Stockholders’ Deficit	25
Consolidated Statements of Cash Flows	26
Notes to the Consolidated Financial Statements	27
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	38
Item 9A. Controls and Procedures	38
Item 9B. Other Information	39

Part III	40
Item 10. Directors, Executive Officers and Corporate Governance	40
Item 11. Executive Compensation	42
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	43
Item 13. Certain Relationships and Related Transactions, and Director Independence	43
Item 14. Principal Accounting Fees and Services	44

Part IV	45
Item 15. Exhibits, Financial Statement Schedules	45

Signatures	46

- 3 -

●	decreased demand for our products or products that we may develop;

●	injury to our reputation and significant negative media attention;

●	significant costs to defend resulting litigation;

●	substantial monetary awards to users;

●	loss of revenue;

●	reduced resources of our management to pursue our business strategy; and

●	the inability to commercialize our products and additional products that we may develop.

●	the publication of earnings estimates or other research reports and speculation in the press or investment community;

●	changes in the industry and competitors;

●	our financial condition, results of operations and prospects;

●	any future issuances of our common stock, which may include primary offerings for cash, and the grant or exercise of stock options from time to time;

●	general market and economic conditions; and

●	any outbreak or escalation of hostilities, which could cause a recession or downturn in our economy.


Plan Category	Number of Securities to be issued upon exercise of outstanding options, warrants and rights		Weighted average exercise price of outstanding options, warrants and rights		Number of securities remaining available for future issuance
Equity compensation plans approved by security holders.		—		—		10,000,000

Equity compensation plans not approved by security holders.		—		—		—

Total		—		—		10,000,000


Date of Sale	Title of Security	Number Sold	Consideration Received and Description of Underwriting or Other Discounts to Market Price or Convertible Security, Afforded to Purchasers	Exemption from Registration Claimed	If Option, Warrant or Convertible Security, terms of exercise or conversion
July 12, 2023	Common Stock	50,998,800	Conversion of 509,988 Shares of Series D Preferred Stock	Section 3(a)(9) of the Securities Act	—

July 13, 2023	Common Stock	2,105,263	Cash subscription	Section 3(a)(9) of the Securities Act	—

July 19, 2023	Common Stock	1,515,152	Cash subscription	Section 3(a)(9) of the Securities Act	—

August 4, 2023	Common Stock	6,000,000	Cash subscription	Section 3(a)(9) of the Securities Act	—

August 25, 2022	Common Stock	33,333,333	Cash subscription	Section 3(a)(9) of the Securities Act	—

September 30, 2022	Common Stock	6,933,333	Conversion of Series G Preferred Stock	Section 3(a)(9) of the Securities Act	$0.0018

September 30, 2023	Common Stock	11,555,556	Conversion of Series G Preferred Stock	Section 3(a)(9) of the Securities Act	$0.0018

September 30, 2023	Common Stock	9,408,750	Conversion of Series G Preferred Stock	Section 3(a)(9) of the Securities Act	$0.0016

September 30, 2023	Common Stock	2,000,000	Settlement of liabilities	Section 3(a)(9) of the Securities Act	—

Report of Independent Registered Public Accounting Firm (PCAOB ID: 5525)	20
Report of Independent Registered Public Accounting Firm (PCAOB ID: 2738)	22
Consolidated Balance Sheets	23
Consolidated Statements of Operations	24
Consolidated Statements of Stockholders’ Deficit	25
Consolidated Statements of Cash Flows	26
Notes to the Consolidated Financial Statements	27

●	Obtaining and evaluating the underlying issuance and sale agreements and approvals.
●	Assessing the relevance and reliability of the inputs utilized in the Company’s estimates of fair value by developing independent expectations.


	September 30,			September 30,
	2023			2022
CURRENT ASSETS
Cash and cash equivalents	$	—		$	6,365
Prepaid expenses		—			3,550
Total current assets		—			9,915

TOTAL ASSETS	$	—		$	9,915

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and accrued liabilities	$	328,178		$	380,735
Accounts payable to related party		454,665			379,126
Related party advances		6,295			12,400
Advances payable		59,650			59,650
Note payable		300,000			—
Current portion of convertible notes payable		59,710			20,000
Series G Preferred Stock Liability, net of discount of $0 and $12,581, respectively		—			126,294
Accrued interest payable		225,363			226,270
Total current liabilities		1,433,861			1,204,475

TOTAL LIABILITIES		1,433,861			1,204,475

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ DEFICIT
Common stock, $0.001 par value, unlimited shares authorized; 996,119,530 and 722,326,669 shares issued and outstanding at September 30, 2023 and 2022, respectively		996,119			722,325
Preferred stock; 20,000,000 shares authorized:
Series A Preferred Stock, $0.001 par value, 0 and 0 shares issued and outstanding at September 30, 2023 and 2022, respectively		—			—
Series B Preferred Stock, $0.001 par value, 0 and 0 shares issued and outstanding at September 30, 2023 and 2022, respectively		—			—
Series C Preferred Stock, $0.001 par value, 0 and 0 shares issued and outstanding at September 30, 2023 and 2022, respectively		—			—
Series D Preferred Stock, $0.001 par value; 0 and 509,988 shares issued and outstanding at September 30, 2023 and 2022, respectively		—			510
Series E Preferred Stock, $0.001 par value; 1,000,000 shares issued and outstanding at September 30, 2023 and 2022, respectively		1,000			1,000
Series F Preferred Stock; $0.001 par value; 128,991 shares issued and outstanding at September 30, 2023 and 2022, respectively		129			129
Additional paid-in capital		18,022,916			16,581,252
Stock payable, consisting of 0 and 1,515,152 shares to be issued at September 30, 2023 and 2022, respectively		—			5,000
Accumulated deficit		(20,454,025	)		(18,504,776	)

TOTAL STOCKHOLDERS’ DEFICIT		(1,433,861	)		(1,194,560	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	—		$	9,915


	Twelve Months Ended
	September 30,
	2022			2022

REVENUE	$	—		$	—
Cost of goods sold		—			—
Gross profit (loss)		—			—

OPERATING EXPENSES
General and administrative expenses		1,864,370			1,265,065
Total operating expenses		1,864,370			1,265,065

LOSS FROM OPERATIONS		(1,864,370	)		(1,265,065	)

OTHER INCOME (EXPENSE)
Gain (loss) on settlement of liabilities, related party		6,724			(146,460	)
Loss on conversion of preferred stock liability		—			(5,939	)
Interest expense		(91,603	)		(70,346	)
Total other expenses		(84,879	)		(222,745	)

Net loss	$	(1,949,249	)	$	(1,487,810	)

Net loss per share available to common shareholders	$	(0.00	)	$	(0.00	)

Weighted average shares outstanding - basic and diluted		827,324,789			628,539,782


																		Original
				Series D					Series E				Series F					Additional									Total
	Common stock			Preferred Stock					Preferred Stock				Preferred Stock					paid-in			Stock			Accumulated			Equity
	Shares	Par		Shares		Amount			Shares	Amount			Shares		Amount			capital			Payable			Deficit			(Deficit)

Balance, September 30, 2021	561,495,726	$	561,494	509,988		$	510		1,000,000	$	1,000		386,975		$	387		$	15,228,254		$	499,500		$	(17,016,966	)	$	(725,821	)

Common stock issued for conversion of convertible note payable and accrued interest	25,798,400		25,798	—			—		—		—		(257,984	)		(258	)		(25,540	)		—			—			—
Common stock subscribed for cash proceeds	—		—	—			—		—		—		—			—			—			5,000			—			5,000
Common stock issued for stock payable	19,980,000		19,980	—			—		—		—		—			—			479,520			(499,500	)		—			—
Common stock issued for settlement liability	6,000,000		6,000	—			—		—		—		—			—			155,460			—			—			161,460
Stock-based compensation	—		—	—			—		—		—		—			—			322,266			—			—			322,266
Stock-based compensation, related parties	—		—	—			—		—		—		—			—			186,926			—			—			186,926
Conversion of Series G Preferred Stock to common stock	109,052,543		109,053	—			—		—		—		—			—			234,366			—			—			343,419
Net loss for the year ended September 30, 2022	—		—	—			—		—		—		—			—			—			—			(1,487,810	)		(1,487,810	)
Balance, September 30, 2022	722,326,669		722,325	509,988			510		1,000,000		1,000		128,991			129			16,581,252			5,000			(18,504,776	)		(1,194,560	)

Conversion of Series G Preferred Stock to common	100,712,968		100,713	—			—		—		—		—			—			136,380			—			—			237,093
Common stock issued for stock payable	1,515,152		1,515	—			—		—		—		—			—			3,485			(5,000	)		—			—
Common stock subscribed for cash proceeds	51,882,319		51,883	—			—			—		—			—	—			25,617			—			—			77,500
Conversion of Series D Preferred Stock to common	50,998,800		50,999	(509,988	)		(510	)	—		—		—			—			(50,489	)		—			—			—
Common stock issued for the conversion of debt	2,000,000		2,000	—			—			—		—			—	—			18,000			—			—			20,000
Common stock issued for settlement of liability, related party	16,683,622		16,684	—			—			—		—			—	—			88,694			—			—			105,378
Stock-based compensation	50,000,000		50,000	—			—			—		—			—	—			414,878			—			—			464,878
Stock-based compensation, related parties	—		—	—			—			—		—			—	—			805,098			—			—			805,098
Net loss for the year ended September 30, 2023	—		—	—			—		—		—		—			—			—			—			(1,949,249	)		(1,949,249	)
Balance, September 30, 2023	996,119,530	$	996,119	—		$	—		1,000,000	$	1,000		128,991		$	129		$	18,022,916		$	5,000		$	(20,454,025	)	$	(1,433,861	)

Level 1 -	Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 -	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 -	Inputs that are both significant to the fair value measurement and unobservable.

	Warrants			Weighted-Average Exercise Price Per Share
Outstanding, September 30, 2021		29,970,000		$	0.03
Granted		41,415,152			0.01
Exercised		—			—
Forfeited		—			—
Expired		—			—
Outstanding, September 30, 2022		71,385,152		$	0.02
Granted		90,181,342			0.002
Exercised		—			—
Forfeited		—			—
Expired		(3,030,304	)		0.01
Outstanding, September 30, 2023		158,536,190		$	0.01

	Options			Weighted-Average Exercise Price Per Share
Outstanding, September 30, 2021		70,000,000		$	0.03
Granted		35,000,000			0.01
Exercised		—			—
Forfeited		—			—
Expired		—			—
Outstanding, September 30, 2022		105,000,000			0.02
Granted		101,632,356			0.01
Exercised		—			—
Forfeited		—			—
Expired		(70,000,000	)		0.03
Outstanding, September 30, 2023		136,632,356		$	0.01

●	Common shares representing 5% of total number of outstanding common shares of the Company immediately following any change of control of the Company; the Company issued 29,130,167 shares of common stock as a result of the change of control discussed in Note 5. These shares were issued in July 2021.

●	29,130,167 Common shares immediately following the first round of funding under a private offer of equity or debt securities; These shares were issued in July 2021.

●	29,130,167 Common shares immediately following the commencement of clinical trials for Federal Drug Administration clearance of the product; and

●	Common shares representing an adjustment to increase 7 to Stand’s total ownership to 19.99% of total number of outstanding common shares of the Company immediately following FDA clearance of the product for sale. The Company expects to issue 29,130,166 shares of common stock related to this provision if met.

●	$40,000 of royalties to be paid to 7 to Stand annually, on a quarterly basis. The license agreement may be terminated by 7 to Stand if 1) SomaCeuticals does not begin clinical trials within one year of the agreement; 2) if SomaCeuticals terminates the continuation of the clinical trials; or 3) shall not commence marketing the product within reasonable time after obtaining FDA approval.

	September 30, 2023			September 30, 2022
Net operating loss carryforward at statutory tax rate	$	1,096,000		$	962,000
Valuation allowance		(1,096,000	)		(962,000	)
Deferred tax benefit, net	$	—		$	—


	September 30, 2023			September 30, 2022
Convertible note dated April 13, 2017 in the original principal amount of $20,000, no stated maturity date, bearing interest at 3% per year, convertible into common stock at a rate of $0.01 per share.	$	—		$	20,000
Convertible note dated May 10, 2023 in the original principal amount of $21,300 maturing May 10, 2024, bearing interest at 12%, convertible beginning six months from issuance into common stock at a rate of 61% of the lowest trading price during the 20 days prior to conversion.		21,300			—
Convertible note dated July 3, 2023 in the original principal amount of $47,250 maturing April 15, 2024, bearing interest at 12%, convertible beginning six months from issuance into common stock at a rate of 61% of the lowest trading price during the 20 days prior to conversion.		47,250			—
Total convertible notes payable		68,550			20,000
Unamortized discount		(8,840	)		—

Total current convertible notes payable, net of discount	$	59,710		$	20,000

Name	Age	Position
James C. Katzaroff 719 Jadwin Avenue, Richland, WA, 99352	66	Chief Executive Officer, President, Secretary, Principal Executive Officer, and Chairman of the Board

Robert Chicoski, CPA	81	Chief Financial officer, Treasurer, Principal Financial Officer

William Farley	68	Director

Steven Penderghast		Director

	●	understands generally accepted accounting principles and financial statements,

	●	is able to assess the general application of such principles in connection with accounting for estimates, accruals and reserves,

	●	has experience preparing, auditing, analyzing or evaluating financial statements comparable to the breadth and complexity to our financial statements,

	●	understands internal controls over financial reporting, and

	●	understands audit committee functions

Name and Principal Position	Fiscal Year	Salary ($)			Bonus ($)		Stock Awards ($)		Option Awards ($)			Non-Equity Incentive Plan Compensation ($)		Nonqualified Deferred Compensation ($)		All Other Compensation ($)		Total ($)
James C. Katzaroff	2023	$	180,000	(a)		—	$	—	$	53,117	(b)		—		—		—	$	231,117
	2022	$	177,933	(a)		—	$	—	$	284,840	(b)		—		—		—	$	462,773

Robert R. Chicoski	2023	$	84,000			—	$	—	$	387,238			—		—		—	$	468,238
	2022	$	84,000			—	$	—	$	—			—		—		—	$	84,000

Alex Blankenship	2022	$	—	(a)		—	$	—		—			—		—		—	$	—

	(a)	Includes amount accrued during the year;

	(b)	Includes 11,632,356 options issued to Mr. Katzaroff pursuant to amended employment agreement. Includes 50,000,000 options issued Robert Chicoski on February 24, 2023

	Option Awards										Stock Awards
Name	Number of Securities Underlying Unexercised Options (#) Exercisable		Number of Securities Underlying Unexercised Options (#) Unexercisable		Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)		Option Exercise Price ($)		Option Expiration Date		Number of Shares of Stock That Have Not Vested (#)		Market Value of Shares of Stock That Have Not Vested ($)		Equity Incentive Plan Awards: Number of Unearned Shares or Other Rights That Have Not Vested (#)		Equity Incentive Plan Awards: market or Payout Value of Unearned Shares or Other Rights That Have Not Vested ($)
James C. Katzaroff		46,632,356		6,807,977		—		$0.002 - $0.011		February 7, 2027 - September 16, 2028		—		—		—		—
Robert Chicoski		50,000,000		—		—		$0.01		February 24, 2023		—		—		—		—

Name of Beneficial Owner	Number of Shares Beneficially Owned			Percentage of Outstanding Common Stock Owned

Robert Chicoski		11,000,000			1.07	%

James C. Katzaroff		17,422,535	(1)		1.70	%

2021 Pharma Associates LLC (7 to Stand)		58,260,334			5.68	%

All directors and executive officers as a group (2) persons.		28,422,535			2.77	%

	2023		2022
Audit Fees	$	31,500	$	23,500

Audit Related Fees (1)	$	—	$	—

Tax Fees (2)	$	—	$	—

All Other Fees (3)	$	—	$	—

Total Fees	$	31,500	$	23,500

	(1)	Consists of fees for assurance and related services by our principal accountants that are reasonably related to the performance of the audit or review of the Company’s financial statements and are not reported under “Audit Fees.”

	(2)	Consists of fees for professional services rendered by our principal accountants for tax related services.

	(3)	Consists of fees for products and services provided by our principal accountants, other than the services reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees” above.

3.1	Articles of Incorporation (1)
3.2	Bylaws (2)
14.1	Code of Ethics (3)
21	Subsidiaries of the Registrant (4)
31.1	Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer (4)
31.2	Rule 13(a)-14(a)/15(d)-14(a) Certification of principal financial officer (4)
32.1	Section 1350 Certification of principal executive officer (4)
32.2	Section 1350 Certification of principal financial officer (4)
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. (5)
101.SCH	Inline XBRL Taxonomy Extension Schema Document (5)
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document (5)
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document (5)
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document (5)
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document (5)
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) (5)

(1)	Incorporated by reference to our Definitive Proxy Statement on Schedule 14A filed on April 8, 2015.
(2)	Incorporated by reference to our Form 10-K/A Amendment No. 1 for the year ended September 30, 2015 filed on January 22, 2016.
(3)	Incorporated by reference to our Form S-1 filed with the Securities and Exchange Commission on November 3, 2010.
(4)	Filed or furnished herewith.
(5)	In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Annual Report on Form 10-K shall be deemed “furnished” and not “filed.”

	GlobeStar Therapeutics Corporation

Date: January 19, 2024	BY: /s/ James C. Katzaroff
	James C. Katzaroff
	Chief Executive Officer, President, Secretary, Principal Executive Officer, and Director

Date: January 19, 2024	BY: /s/ Robert Chicoski
	Robert Chicoski
	Chief Financial Officer, Treasurer, Secretary, Principal Financial And Accounting Officer

GlobeStar Therapeutics Corp 10-K